The invention discloses a power cycling test system for semiconductor devices. The power cycling test system comprises a controller, a driver, at least one test branch, a direct-current power source and a water cooler, wherein each test branch comprises a test branch switch and multiple to-be-tested semiconductor devices connected with the test branch switch in series, and all the to-be-tested semiconductor devices are connected in series. According to the power cycling test system, devices of other tested branches are heated by effectively using cooling time of a tested branch, the multiple to-be-tested semiconductor devices are tested, and the test efficiency of the power cycling test system can be greatly improved. Meanwhile, as the power cycling test system is provided with multiple parallel test branches, a user can switch multiple test functions according to actual demands, and devices of different manufacturers or types can be subjected to a comparison test under same test conditions.